Posted by Goose on November 19, 2020 at 18:43:13 from (166.181.85.8):
In Reply to: Re: IRS posted by ADB-IA on November 19, 2020 at 17:20:37:
I got nailed on that once.
In the mid '80s, when a lot of farmers were going under, I bought an 856 Farmall very reasonable. I put it on a 10 year depreciation schedule on my income taxes. I used it 9 years and sold it for what I'd paid for it. Guess what? The IRS wanted all of that depreciation back. It's called "recapture". I owed in recapture what I'd sold the tractor for.
The bottom line was, I'd have had a free tractor if I'd simply kept it.
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don�t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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